Presented here are the amounts of Assets, Liabilities, Stockholders Equity, Revenues, and Expenses of Olympic Challenge, Inc.,

Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of Olympic Challenge, Inc., at October 31, 201 2. The items are listed in alphabetical order.

The retained earnings balance of the business was $73,100 at October 31, 2011.

Requirements
1. Identify each amount shown as an asset, liability, or stockholders’ equity.
2. Prepare the company’s income statement and statement of retained earnings for the year ended October 31, 2012.
3. Prepare the company’s balance sheet at October 31, 2012.
4. Answer these questions about the company:
a. What was the profit or loss for the year?
b. What was the increase or decrease of retained earnings for the year?
c. What is the amount of economic resources on October 31, 2012?
d. What is the amount owed on October 31,2012?

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Accounts Payable12,000 Interest Expense Accounts Receivable.. S 8,000 39,000 70,000 4,000 ..21,000 89,000 5,000 200,000 1,700 ....16,000 Land Building Cash. Common Stock Dividends....7 Equipment Insurance Expns. ..18,000 Note Payable 135,000 Property Tax Expense. 22,000 Rent Expense. 70,000 Salaries Expense. 27,000 Salaries Payab.e. 47,000 Service Revenue. 2,400 Supplies